Interest Rate: The Last Six Months
Of Federal Activity

About

This Report

This is a computer-generated report that shows all of the federal activity with respect to the keyword "Interest Rate" over the last six months. This is a demonstration of the power of our government relations automation software.

Hansard

House: 73 Speeches
Senate: 7 Speeches

House Senate

Bills

Active: 0

Regulations

Filed: 0
Proposed: 0

The House

Gérard Deltell (Conservative)

March 23rd
Hansard Link

The Budget

“...g budget, that “the federal debt is out of control” and that we are lucky we currently have low interest rates. However, sooner or later, interest rates are likely to rise and each percentage point increase means an extra $6 billion or $7...”

Dave Van Kesteren (Conservative)

March 23rd
Hansard Link

The Budget

“... is not only adding but adding at an alarming rate. The fact is that today we have historically low interest rates. We know that these rates will not continue. As a matter of fact, they are manipulated. Therefore, I wonder if he could expound, and he did that to some degree, and give a really clear picture to this House, and especially to the Liberal government, of just how critical that is and what that would mean if the interest rate were to rise by one point, let alone two or three.”

Alexandre Boulerice (NDP)

March 21st
Hansard Link

Business of Supply

“...hetoric during the election campaign. They said it was time to invest in our infrastructure because interest rates were low. They ranged from about 2% to 2.5%. It does not cost much to borrow money to...”

Pierre Nantel (NDP)

March 21st
Hansard Link

Business of Supply

“...day's topic. The government says it plans to borrow money for major infrastructure projects because interest rates are so low, but it is approaching lenders that want returns on the order of 7%, 8%, o...”

Pierre Poilievre (Conservative)

March 9th
Hansard Link

Oral Questions

“...d in modern times,” with a 12% increase in spending over this period. It goes on to say:

If interest rates increase or economic growth further weakens relative to planning assumptions, young p...”

Pierre-Luc Dusseault (NDP)

March 7th
Hansard Link

Business of Supply

“...with them, they typically negotiate deals to pay back the money they owe to society at preferential interest rates while avoiding penalties and fines that could, at the very least, serve as a warning ...”

Pat Kelly (Conservative)

March 7th
Hansard Link

Adjournment Proceedings

“... would have heard from many witnesses that the new rules will reduce competition, leading to higher interest rates and fewer options for Canadian consumers.

He would have heard from Michael Lloy...”

Pat Kelly (Conservative)

March 7th
Hansard Link

Adjournment Proceedings

“...he same government that is running an absolutely out of control deficit, has in this House used low interest rates as a justification for doing so, and is lecturing homebuyers about the risks of credi...”

Dan Albas (Conservative)

February 13th
Hansard Link

Private Members' Business

“...ailable to flow into other sectors of the local community lending portfolio. In turn, it means that interest rates will need to be higher. (1125)

All of this drives up costs on a credit union a...”

Robert Aubin (NDP)

February 13th
Hansard Link

Private Members' Business

“..., and wealthy families. The working class only had access to loan sharks, which charged prohibitive interest rates. To address this injustice, Alphonse Desjardins created a system where the working cl...”

Dan Albas (Conservative)

February 9th
Hansard Link

Oral Questions

“...for those who want to refinance their homes. These changes have resulted in Canadians paying higher interest rates when refinancing their mortgage. These changes were imposed with zero consultation.

Why are the Liberals hurting struggling Canadian homeowners by hiking their interest rates?”

Guy Caron (NDP)

February 6th
Hansard Link

Private Members' Business

“...dren increasingly are incorporated, since incorporation carries several advantages, including lower interest rates when they borrow and less tax on the amount to be paid to the parents.

I know t...”

Dan Albas (Conservative)

February 3rd
Hansard Link

Statements by Members

“...cess their equity, the costs of doing that are going to greatly increase as a result of much higher interest rates.

At committee we heard that Canadians refinance for many reasons: to invest in ...”

Dan Albas (Conservative)

December 13th
Hansard Link

Government Orders

“... securities. The Fed had begun the purchases the previous September in order to push down long-term interest rates and encourage private lending; their end would mean higher yields on longer-maturity ...”

Larry Maguire (Conservative)

December 12th
Hansard Link

Private Members' Business

“...the pain of selling assets that have seen extreme swings in the financial markets.

Due to low interest rates and the sluggish economy, investments are not growing nearly as fast as they once were. For example, on long-term Government of Canada bonds, the interest rate has fallen from 8.5% to 3.1%, which is not that good a return when calculating inflati...”

Tom Kmiec (Conservative)

December 12th
Hansard Link

Private Members' Business

“...inty it builds into a person's planning for those last 20 to 30 years of life.

Because of low interest rates and increased longevity, RRIF mandatory withdrawals have an immense impact as shown b...”

Dan Albas (Conservative)

December 6th
Hansard Link

Government Orders

“...rd projects of the magnitude they are discussing? Guess what? They will all get to pay for the high interest rate of return, for those few who can.

People can understand why wealthy foreign nati...”

Anthony Housefather (Liberal)

December 6th
Hansard Link

Government Orders

“...e. While we are now in a position where we have the lowest debt ratio of any country, and with low interest rates, this is indeed the time to spend. It is not always like that, but this is the time.<...”

Tom Kmiec (Conservative)

December 6th
Hansard Link

Government Orders

“...putting them at a greater risk of distressed home sales and personal bankruptcies in the event that interest rates go up.” We know that eventually interest rates will have to go up and Canadians will be paying more every single month to then servi...”

Kyle Peterson (Liberal)

December 6th
Hansard Link

Government Orders

“...ed because we have the lowest debt-to-GDP ratio of all G7 countries. Couple this with the fact that interest rates are very low. Now is the time to make strategic investments in things like better roa...”

Pierre Nantel (NDP)

December 6th
Hansard Link

Government Orders

“...nce the banks to treat their clients like civilized people and not to charge ridiculous credit card interest rates as they are doing now? This would have been a perfect opportunity to do that. Not onl...”

Pierre Nantel (NDP)

December 6th
Hansard Link

Government Orders

“... What is more, the Liberals do not even have the guts to deal with the real problem, the exorbitant interest rates on credit cards. It gets even better. They are giving our infrastructure and great re...”

Francesco Sorbara (Liberal)

December 6th
Hansard Link

Government Orders

“...s with a huge infrastructure deficit. We are looking at the world environment, a period of very low interest rates. Every expert who came to the finance committee encouraged the governing party to invest in infrastructure to take advantage of the low interest rates currently in effect, basically globally, and to use this opportunity to invest in Can...”

Shaun Chen (Liberal)

December 5th
Hansard Link

Government Orders

“...ll as clean water, and the expansion of trade and transport.

Now is the time to invest, while interest rates are low and Canada's debt-to-GDP ratio is the lowest of any G7 country. Over the next...”

Dave Van Kesteren (Conservative)

December 5th
Hansard Link

Government Orders

“...o to traditional rates. Can members imagine, if we are paying at this point about $35 billion on an interest rate at 2%, if that were to spike to 4%, 6%, or 8%? Some of the younger folks here are surp...”

Alistair MacGregor (NDP)

December 5th
Hansard Link

Government Orders

“...ow do they compare with what the government could offer or what the government did promise with low interest rates?”

Peter Fonseca (Liberal)

December 5th
Hansard Link

Government Orders

“... 12 years. Canada, like the rest of the world, has realized that monetary policy, including the low interest rates that we find ourselves with now, is no cure for sluggish growth. It cannot fix everything. These needed investments are not necessarily made because of the low interest rates. That is why, with government intervention, we are able to get some of that needed in...”

Alexandre Boulerice (NDP)

December 5th
Hansard Link

Government Orders

“...idends.

Why will we guarantee this bank a return or a profit of 7% when we could borrow at an interest rate of 2%?”

Alistair MacGregor (NDP)

December 5th
Hansard Link

Government Orders

“...tolls and user fees to ordinary Canadians and residents. That goes way above and beyond the kind of interest rates that Canadians were hoping for when the federal government can use its borrowing power at extremely low interest rates to finance these kinds of capital projects. That is a far cry from the 7% to 9% that ...”

Linda Lapointe (Liberal)

December 5th
Hansard Link

Government Orders

“...adians and those who need it most. Today Canada has the lowest debt-to-GDP ratio in the G7, and our interest rates are at all-time lows. Now is the perfect time for Canada to invest in its own future ...”

Linda Lapointe (Liberal)

December 5th
Hansard Link

Government Orders

“Madam Speaker, I thank my colleague for his question.

As I said in my speech, interest rates are at record lows. Now is the time to invest in infrastructure, in order to pave the...”

Linda Lapointe (Liberal)

December 5th
Hansard Link

Government Orders

“...Speaker, I thank my colleague for his question.

As I said earlier, now is the time to invest. Interest rates are at record lows. Now is the time to invest and do what has been neglected for seve...”

Joël Lightbound (Liberal)

December 5th
Hansard Link

Government Orders

“... Louis-Saint-Laurent and other members of the Conservative Party for running deficits. We know that interest rates are at historic lows, that the IMF and the World Bank recommend that we invest and run deficits precisely when interest rates are low and when there are pressing needs in infrastructure, as we see from coast to coast to coast in Canada.

It is a bit surreal to hear the Conservatives criticize us for running deficits when, for eight consecutive years, they did not table a single budget that was in the black. The budget was in the red every year and they keep telling us without fail that they had to invest in that way because of the financial crisis in 2008.

First they invested because they were told to, it was an important thing to do to stimulate the economy. It was the right thing to do at the time. One of the main reasons we fared so well in 2008 after the financial crisis in Canada was precisely because the previous Liberal government, that of Paul Martin and Jean Chrétien, refused to regulate our financial industry, which is what the Conservatives wanted and Mr. Harper got all worked up about in the House.

If we had listened to the Conservatives at the time, we would have ended up much worse off than we did in Canada. We did not listen to them then, fortunately, and we are not listening to them now. Thank God, we are very careful about taking their economic advice. With the $150 billion in deficit they left us, we ended up with the worst job growth in 69 years and the worst economic growth since the Second World War. When it comes to taking lessons from my hon. colleagues across the way on managing public finances and the Canadian economy, thanks, but no thanks.

One of the most important things about the budget and budget implementation Bill C-29 is that they reduce inequality. When our Conservative colleagues talk about the deficit, they say that we need to think about future generations. Were they thinking about future generations when they increased the TFSA limit from $5,500 to $10,000? No. When asked that question, even the finance minister at the time, Joe Oliver, said the following:[English]

“leave that to Prime Minister Stephen Harper's granddaughter to solve”. That is not our attitude. That is not our philosophy. We are dealing with the issues we are facing today, and doing so in a manner that is conscious of future generations.

When they raised the TFSA limit to $10,000, it is worth noting that the inventor of the TFSA, Mr. Kesselman, was against raising the limit so high. Even the Americans do not go that far. It would be the equivalent of putting this country in a fiscal straitjacket for generations to come, because of all the revenues it would be deprived of. (1835) [Translation]

One of the good things about this budget is that it cancels that increase in the TFSA limit, which, according to the parliamentary budget officer, would benefit only the wealthiest 10%. We think that most Canadians need to benefit from wealth in this country. We think that a country where inequalities are consistently being reduced is a good thing. That is exactly why we changed those policies, including the increase in the TFSA limit. They were unfair and unjustifiable from both a moral and a tax perspective.

The increase in the TFSA limit was not the only problem. There were many other tax policies put forward by the previous government that also benefited only the wealthiest 10%. Take for example income splitting. In my riding, as in most others, this would have only benefited the wealthiest 5% or 10%, not all Canadians.

Rather than forging ahead with policies that increase inequality, which is what the former government was bent on doing, we introduced the Canada child benefit. To give an example, when I was a child, I was raised by my mother in a small Quebec City apartment with my brother. She was a single mother. We did the math this summer. That would have given us an extra $1,066 per month tax free. I can say that that would have made a big difference in our lives back then, just like this is making a big difference in the lives of thousands of Canadian families today. When I am not feeling as motivated to come here to do my job, I think about the Canada child benefit and I can say that I am very proud to defend this budget, on this side of the House, because it is lifting 300,000 children out of poverty.

I would have encouraged my colleagues, whom I salute by the way, to vote in favour of such a socially progressive and revolutionary policy for Canada, but no, they voted against it, just like they voted against the middle class tax cut that benefits 9 million Canadians across the country.

They also voted against increasing the guaranteed income supplement, which helps 900,000 seniors across the country by giving them almost $1,000 more per year. That is not peanuts. When I went door to door in my riding, especially in low-income housing areas, seniors told me that their income was not keeping pace with the rising cost of living. That is exactly what we are trying to address via the guaranteed income supplement, which had not seen a significant increase in years, certainly not under the previous government. That government was more interested in the well-off, the richest 10%. That is what it did for 10 years with policies such as increasing the TFSA limit and income splitting. I am very proud that we have overturned those changes.

With respect to infrastructure investment, the IMF and the World Bank concluded that austerity in times of slow growth is not good policy, so they asked all countries to invest in infrastructure to stimulate growth and innovation. That is exactly what our government is doing by investing $180 billion over the next 12 years. We believe that our unprecedented investment will address Canada's growing infrastructure deficit and stimulate the economy.

Whether it is in public transit or social housing, we have some catching up to do in terms of investing in infrastructure. There is no better time to do it than when interest rates are low and the economy has slowed down. It is in fact one of the tools that Prime Mi...”

Neil Ellis (Liberal)

December 2nd
Hansard Link

Government Orders

“...f control. It was a construction deficit that was increasing at the time between 5% and 10%. We had interest rates that we were able to acquire at approximately 2.5% locked in. It is all about capital risk. Being a small business person myself, one of the biggest problems is obtaining capital, locked in, at an amount that could get rid of the risk.

With Infrastructure Ontario, we were able to build a plan, and our solution was a build Belleville plan. This was the second infrastructure plan to try to alleviate some of the infrastructure that was stockpiled to the city over the last 25 years.

The rationale is simple. Each year that the cost of infrastructure repairs are left and not taken care of, they increase. All of a sudden, a $300-million deficit becomes a $330-million or $340-million deficit. With infrastructure, we are not quite sure what the costs will be, so it is floating.

Coming up with a plan for locking in our capital risk, recognizing that interest rates were low, it was time to launch a plan and try to convince council that we needed to ...”

François-Philippe Champagne (Liberal)

November 30th
Hansard Link

Government Orders

“...nclude a workplace pension plan. (1605) [Translation]

An extended period of low interest rates could mean that young workers will have to deal with a lower return on their retireme...”

Randeep Sarai (Liberal)

November 29th
Hansard Link

Government Orders

“...pect to work in jobs that will include a workplace pension plan. Further, a prolonged period of low interest rates could mean that young workers will face lower returns on their retirement savings, wh...”

Tom Kmiec (Conservative)

November 29th
Hansard Link

Government Orders

“...off because the rate of return is so low, sometimes falling below 2%. That is because of record low interest rates, which are really driving this low rate of return. Also, administration fees cannot h...”

Charlie Angus (NDP)

November 29th
Hansard Link

Government Orders

“... out of school $60,000 and $70,000 in debt without the possibility of paying it off even at today's interest rate. They talk to me about housing, especially in urban areas, and the incredibly high pri...”

Pierre Paul-Hus (Conservative)

November 29th
Hansard Link

Government Orders

“...e they do not have the means to do so. Although salaries have gone up over the past few decades and interest rates are currently very low, the situation is not perfect for Canadians. That is because s...”

Daniel Blaikie (NDP)

November 28th
Hansard Link

Government Orders

“...into a bank and they will be told that if they have $25,000 instead of $5,000 they can get a higher interest rate on their savings account. That principle continues to apply, and those returns continu...”

Gabriel Ste-Marie (Bloc Québécois)

November 25th
Hansard Link

Statements by Members

“...nce of a class action suit ever being filed by small investors who are being ripped off with feeble interest rates on their savings and exorbitant interest rates on their loans. This is setting us back 50 years.

This government did not learn...”

Gérard Deltell (Conservative)

November 21st
Hansard Link

Oral Questions

“Mr. Speaker, the election of a new American president could lead to higher interest rates.

The chair of the U.S. Federal Reserve, Janet Yellen, is saying that the rate h...”

François-Philippe Champagne (Liberal)

November 21st
Hansard Link

Oral Questions

“...uis-Saint-Laurent.

The Government of Canada is doing exactly what Canadians know is best when interest rates are low: it is investing. Canadians understand that.

In budget 2016, we investe...”

Guy Caron (NDP)

November 21st
Hansard Link

Oral Questions

“...ly said, investors in this infrastructure bank will want to see a 7% to 9% return. Based on current interest rates, we are talking about spending four times more than if the government made those inve...”

Guy Caron (NDP)

November 16th
Hansard Link

Oral Questions

“...rom the sky without any strings attached.

During the election campaign, the Liberals said, “Interest rates are at historic lows, our current infrastructure is aging rapidly....Now is the time to invest.”

The last time the government borrowed money, last month, the interest rate was very low, 1.3%. The private investors who are going to invest in this bank are loo...”

Kelly McCauley (Conservative)

November 16th
Hansard Link

Private Members' Business

“...thdrawals starting at 7.38% and increasing annually on a steadily diminishing amount because of low interest rates.

Another wrote:

It would be better to do away with the minimum withdrawal...”

Robert Aubin (NDP)

November 15th
Hansard Link

Government Orders

“...old us that it was going to invest heavily in infrastructure by borrowing money, supposedly because interest rates are so low. That message struck a chord, 39% of Canadians thought it was a good idea, and now we have a Liberal government. No matter how low the interest rates are, we are going to have to pay back these billions of dollars one day. I see no way to pay back these low-interest loans other than through taxation. We might feel a bit better if there were a plan for paying back these loans, but it seems that issue has been left for another day. The modest $10-billion deficit is now hovering around $30 billion.

Worse yet, now we learn something that was never mentioned before, namely that the government wants to privatize a significant portion of our public infrastructure. I want to emphasize the word “public”. The Liberal strategy involves transferring $15 billion earmarked for infrastructure into a bank that will be used as a lever to attract private investors.

The first problem is that those $15 billion, which are actually in the infrastructure bank, are earmarked for infrastructure projects of $100 million or more. The result is that $15 billion is taken out of the public infrastructure budget for projects under $100 million. A town like Trois-Rivières and a region such as Mauricie have much infrastructure they would need to build or upgrade, and these projects seldom come in at more than $100 million. The Liberals have just taken $15 billion that could have been used to fund these projects, and there will be interest to pay.

Once the $15 billion is in the bank, the government wants to attract many more hundreds of millions of dollars from private investors: pension funds, retirement plans, major corporations, and private investors. (1130)

Government finances and personal finances are subject to the same main principles of sound management. If I invest $100, I am looking for the best return. I imagine that those who are going to invest billions in a public investment bank will also want a return well above the low interest rate on the loans that the government talks about making. We even heard Michael Sabia, of t...”

Shaun Chen (Liberal)

November 15th
Hansard Link

Government Orders

“...rness and a strong financial sector.

There is no better time than now to invest in Canadians. Interest rates are at historic lows, and Canada has the lowest debt-to-GDP ratio among the G7 nation...”

Raj Saini (Liberal)

November 14th
Hansard Link

Government Orders

“...m a little advice today.

Economically we know right now in the world we have zero lower bound interest rate. When we look at the 10-year government bond rate, whether it is in the United States ...”

Marwan Tabbara (Liberal)

November 2nd
Hansard Link

Government Orders

“... raising their children.

Third, I talked about our plan to borrow at current historically low interest rates to make very large investments in both physical and social infrastructure.

As I spoke to people, I stressed that these programs would not only help individual families that were struggling after years of stagnant growth but would grow our economy, generate economic activity, and create jobs by way of what economists call the multiplier effect.

As I spoke with people at the door, I did so with confidence, because I believed that our plan offered immediate help to those who needed it most. It set an ambitious long-term approach for growth by strengthening the heart of Canada's consumer-driven economy, the middle class.

A strong economy starts with a strong middle class. When middle-class Canadians have more money to save, invest, and grow the economy, everyone benefits. A strengthened middle class means that hard-working Canadians can look forward to a good standard of living and better prospects for their children. When we have an economy that works for the middle class, we have a country that works for everyone.

Judging from the reaction I got from people throughout my riding, the message I was delivering resonated with voters. The results of the election speak for themselves. Our message of hope caused voters across the country to raise us from a distant third place in this House to a majority government. On election night, Canadians saw the merit in our plan, and Canadians chose a plan to invest in our future for generations to come.

Our plan increased again, when legislation to reduce personal income tax rates, as promised, was introduced by this government last December as the second piece of legislation proposed in Bill C-2.

The hon. Minister of Finance tabled the government's budget in Parliament on March 22 this year. A budget is more than a mere forecast of expenditures and revenues. A budget is a financial strategy to fulfill what a government sets as its mission. A budget is a comprehensive plan of action designed to achieve the policy objectives of the government. A budget is a financial blueprint for action. A budget will remain only a blueprint unless there are the workers, materials, coordination, skills, and activities necessary to construct it.

Real change will remain only a vision unless there is legislation to implement the budget that flows from that vision. Following quickly on the heels of the budget, Bill C-15 was the first legislation introduced by the government in April. It was the first budget implementation bill. It turned the second major promise I made to the constituents of Kitchener South—Hespeler, as I went door to door during the election, into a reality.

Bill C-15 brought in the Canada child benefit. Simpler, tax-free, and more generous, the Canada child benefit replaced existing child benefits. Bill C-15 passed quickly through this House and the Senate and received royal assent in the third week of June. (1555)

Immediately afterwards, in July, the Canada child benefit payments started flowing to families to fulfill their financial responsibilities in raising the next generation of Canadians.

The Canada child benefit is a social program of unprecedented generosity. Since July 1 this year, families can receive up to $6,400 per year for each child under six and $5,400 for each child aged six to 17. Nine out of 10 families are better off. They are receiving higher monthly benefits, and hundreds of thousands of children will be raised out of poverty.

This government has taken a long-term approach to helping families, who will be able to count on extra help now and for years to come. When Canadians look towards the future and think about planning, they know that the Canada child benefit will be there to help fulfill their financial responsibilities.

Today before the House is Bill C-29. It is the second of two pieces of legislation intended to implement the budget tabled in the House in March. Bill C-29 is the second act to implement this year's budget. It contains a number of consequential housekeeping amendments to various acts, such as the Employment Insurance Act, the Canada Education Savings Act, and the Canada Disability Savings Act, to replace references to “child tax benefit”.

However, for most Canadian families, the most important part of Bill C-29 is the introduction, as promised, of indexation of the Canada child benefit. Bill C-29 would implement the budget by indexing to inflation the maximum benefit amounts and the phase-out threshold under the Canada child benefit, beginning in the 2021 benefit year. This means that the benefits will increase if prices increase, and thus the purchasing power of the benefit will remain the same after 2020.

I would now like to turn to a couple of articles.

The first article is from The Economist, which said, “Canada is in a better position than almost any other rich country to take advantage of low rates”.

With the historically low interest rates, this is the time to invest in Canadians, in our future, and in the young generation to take advantage of these low interest rates.

The second article I want to refer to is from CBC News:

The IMF head [Ch...”

Joël Lightbound (Liberal)

November 1st
Hansard Link

Government Orders

“...nal Monetary Fund, who said that Canada's approach, which is about investing in infrastructure when interest rates are low and the economy is in a slowdown, should go viral.

I have a second ques...”

Raj Grewal (Liberal)

November 1st
Hansard Link

Government Orders

“... that everyone pays their fair share. Canada has the lowest debt to GDP ratio of any G7 country and interest rates are at historic lows. Now is the ideal time for Canada to invest in its future.

..”

Cheryl Hardcastle (NDP)

November 1st
Hansard Link

Government Orders

“... economic stimulant that would help provinces, territories, and municipalities access lower federal interest rates. Little did we know that this was so far from the concept envisioned by the Liberals.

Faced with the dual problems of declining investment and aging infrastructure, the Federation of Canadian Municipalities has estimated that Canada's municipal infrastructure deficit is $127 billion and will grow by $2 billion annually. We can see that investing in public infrastructure has its clear merits, and we are compelled to do so. Including job creation and economic stimulus, it addresses the repairs and upgrades our communities need on an ongoing basis.

Our current economic conditions present compelling reasons for investing in infrastructure now, and the Liberals have never presented their stance on economic stimulus to include a fire sale of federal assets. Canada has an opportunity to take advantage of historically low long-term interest rates and clinch a policy to accelerate the rate of investment in public infrastructure tha...”

Arnold Viersen (Conservative)

November 1st
Hansard Link

Government Orders

“...rowth in the economy, and have said that they need to invest all of this money now, in times of low interest rates, to ensure growth in the economy, and to create some jobs.

What has this done f...”

Kevin Lamoureux (Liberal)

November 1st
Hansard Link

Government Orders

“... put so much emphasis on infrastructure. The time to borrow and to invest in infrastructure is when interest rates are low. There is a valid argument to be made for that. I personally love the argumen...”

Francesco Sorbara (Liberal)

October 31st
Hansard Link

Government Orders

“...rowth but to set the stage for long-term growth as well. We know that when we have historically low interest rates and when the debt to GDP ratio is the lowest of any G7 country, we have the fiscal ca...”

Francesco Sorbara (Liberal)

October 31st
Hansard Link

Government Orders

“...ture across Canada, I believe that is the right process for us to follow. We are in a period of low interest rates and we need to invest in infrastructure to enable our economy to improve productivity...”

Randy Boissonnault (Liberal)

October 31st
Hansard Link

Government Orders

“...ic policies for the long term.

Canada has the lowest debt to GDP ratio of any G7 country, and interest rates are at historic lows. Now is the ideal time for Canada to invest in its future succes...”

Steven MacKinnon (Liberal)

October 31st
Hansard Link

Government Orders

“...o set the stage for long-term growth. Canada has the lowest debt to GDP ratio of any G7 country and interest rates are at historic lows. Now is the ideal time for Canada to invest in its future succes...”

Pat Kelly (Conservative)

October 31st
Hansard Link

Oral Questions

“...n confronted on the Liberals' out-of-control spending and borrowing, the same member said that when interest rates are low, that's the time to invest.

The finance minister cannot have it both ways. Why does the minister use low interest rates to justify huge deficits, while denying families the opportunity to buy homes?”

Judy A. Sgro (Liberal)

October 31st
Hansard Link

Government Orders

“... stage for long-term growth as well. Canada has the lowest debt to GDP ratio of any G7 country, and interest rates are at a historic low. Now is the ideal time for Canada to invest in future successes...”

Kyle Peterson (Liberal)

October 28th
Hansard Link

Government Orders

“...t natural resources, outmatched only by the resourcefulness and diversity of our people.

With interest rates at record lows, now is the time to make the investments that will invigorate the heart of our Canadian economy, our middle class and those working hard to join it.

This is no small undertaking. The challenges this budget identified cannot be solved in one year, but we can and must take the next steps that will focus on growing the economy for the long term, in ways that will benefit every Canadian. The legislation we are debating today, budget implementation act, 2016, No. 2 will complete the measures we introduced in budget 2016.

This is a budget that offers a fresh boost to the core of Canada's economy, Canada's middle class. The bill we are debating today will build a strong economy for Canada, and it will give the middle class and those working hard to join it more money in their pockets to save, invest, and grow the economy.

This bill includes measures that build on Canada's economic and fiscal strength. It offers help for the middle class. It includes measures that protect consumers. It ensures tax fairness and integrity.

I would also like to discuss Canada's economic and fiscal strength. As I mentioned, many middle class and other Canadians are working harder but not getting ahead. There is a growing consensus in Canada and globally that governments need to invest, not only to boost economic growth in the short term but also to set the stage for long-term growth as well.

Canada has the lowest debt-to-GDP ratio of any G7 country, and interest rates are at historic lows. Now is the ideal time for Canada to invest in its future success.

I also want to talk about what this budget does to help the middle class. Obviously we can all agree, I would hope, that a strong economy starts with a strong middle class. When middle-class Canadians have more money to save, to invest, and to spend, everyone benefits. A strengthened middle class means that hard-working Canadians can look forward to a good standard of living and better prospects for their kids and grandchildren. When we have an economy that works for the middle class, we have a country that works for everyone. We must do for our kids and grandkids what our parents and grandparents did for us. (1245)

Also important when it comes to growing the middle class is making sure that we help young Canadians succeed. Budget 2016 makes post-secondary education more affordable for students from low and middle-income families and will make it easier for students to repay student debt. It will also help young Canadians gain the much-needed experience and income they need, and to be in a position to find good jobs after graduation.

Now more than ever, it is important that post-secondary education remains affordable and accessible. Young Canadians must have access to meaningful work at the beginning of their careers and must not be burdened by increasing student debt. Budget 2016 will address these concerns.

Budget 2016 also improves the employment insurance regime. Canada's employment insurance program provides economic security to Canadians when they need it most. Whatever the circumstances, no Canadian should struggle to get the assistance they need. To make sure that Canadians get the help when they need it, several changes are being proposed to the EI system. Changes to eligibility rules will make it easier for new workers and those re-entering the workforce to claim benefits. The waiting period will also be reduced from two weeks to one week, providing unemployed workers with hundreds of dollars more at the time they need it most.

Budget 2016 will also improve the quality of life of seniors. The government, through budget 2016, will make significant new investments to support seniors in their retirement years. Increased benefits will ensure that Canadian seniors have a dignified, comfortable, and secure retirement.

Budget 2016 also has measures to support Canada's veterans. The Government of Canada has a social covenant with veterans and their families. It is a sacred obligation that we must meet with respect and gratitude. Our veterans have dedicated their lives to the defence of our country and they deserve our unwavering support, as I am sure all members of the House agree.

The government will give back to veterans who have given so much in service to all Canadians. Canada will restore critical access to services for veterans and ensure the long-term financial security of disabled veterans. Canada's veterans will receive more local, in-person government services, as well as better access to case managers. Our veterans deserve nothing less.

Budget 2016 also includes many measures to help protect consumers. Canadians deserve financial consumer protection in banking that keeps pace with their needs. In line with this, budget 2016 contains plans to strengthen and modernize the financial consumer protection framework, by proposing to amend the Bank Act.

Canada's financial sector was resilient enough to weather the 2008 financial crisis, and we are seeking to build on this strength. We want to make sure that the financial sector is able to adapt to new trends, including emerging financial innovation and technologies. What this legislation proposes to do is consolidate and streamline existing consumer provisions into one new chapter of the Bank Act, and to introduce amendments to the Bank Act to enhance consumer protection in the areas of access to basic banking services, business practices, disclosure, complaint handling, as well as corporate governance and complaints and accountability.

The federal government is exercising leadership by taking targeted steps to strengthen financial consumer protection. This includes measures to improve access to basic banking services, impose certain limits on business practices, and enhance disclosure to facilitate and inform the decisions being made by consumers. These reforms reaffirm our government's intent to have a system of exclusive rules for consumer protection to ensure an efficient national banking system from coast to coast to coast. (1250)

The budget also does much to ensure tax fairness and integrity. A fundamental Canadian value is one of fairness. This is why the Government of Canada is committed to a plan of action to combat international tax evasion and aggressive tax avoidance that strengthens existing efforts at home and abroad and includes new measures.

Under the common reporting standard, Canadian financial institutions will be expected to have procedures in place to identify accounts held by non-residents, and to report information on those accounts to the Canada Revenue Agency. Tax administration in foreign jurisdictions will likewise collect information from their financial institutions about accounts held by residents of other countries, including Canada. The CRA will formalize exchange arrangements with foreign jurisdictions, having verified that each jurisdiction has the appropriate capacity and safeguards in place. Then the financial account information will begin to be exchanged on a reciprocal bilateral basis. The introduction of the common reporting standard is an important global development, which will help to enhance tax compliance and eliminate the opportunities for tax evasion.

In addition to this new legislative tool, budget 2016 also announced $444 million in new resources for the Canada Revenue Agency to address tax evasion and aggressive tax avoidance.

Going forward, Canada will continue to work with the international community to ensure a coherent and consistent response to tax avoidance.

Budget 2016 and the budget implementation legislation are an important step, not only in the life of this government, but in growing Canada's economy, preparing the Canadian economy for the future. To do this, Canadians know that our government must invest in infrastructure and innovation, but, most importantly, invest in Canadians.

During the campaign, all of us were successful in being elected. Our success was due in part to listening to the voters in our own ridings; otherwise none of us, whatever side of the aisle we happen to be on, would be in the chamber today. We listened to Canadians. I certainly did.

In my riding of Newmarket—Aurora there was concern with what was happening. There was concern about whether or not people's children and grandchildren would have the same opportunities that we had. The budget clearly addresses many of those concerns.

Let us look for a minute at the Canada child benefit, which is an important social policy and also an important economic policy. There are nine out of ten Canadian families who are now receiving more through this child benefit than they were receiving previously. The effect that this has, among other things, is that 300,000 young Canadians will be lifted out of poverty. That is 300,000 young people with more hope for the future. That is 300,000 young people who can participate more fully in the lives of their communities. That is 300,000 more people who can participate in the opportunity that Canada offers to all of our young people. This is important, and it should not be overlooked.

There are people in my riding to this day who stop me and thank me for our government having taken this measure. I am fortunate to live in a riding that is relatively affluent, but, even among that affluence, there are pockets of need and pockets of want.

A few weeks ago, I was honoured to attend the opening of the Newmarket Food Pantry in my riding, and I was speaking with the executives and the great volunteers of that organization. They told me that even though it is located in the community of Newmarket, which has so much wealth and prosperity, more people use the Newmarket Food Pantry every month. The need continues to grow. None of us want that trend to continue. This is just one example of where some Canadians were feeling left out and left behind. (1255)

I was fortunate at that Newmarket Food Pantry to be asked to say a few words. I was a little overwhelmed by many of the clients at the food pantry. These are hard-working Canadians. These are Canadians who struggle. Many of them are single parents, many are single moms. I do not think anyone would not sympathize with people in this situation. The Canada child benefit helps the exact people that it is intended to help.

As I said, someone asked me to say a few words. I said that I would love to be around on the day that instead of celebrating the opening of the new expanded food pantry, we are celebrating the closing of the doors of the food pantry, not only in Newmarket, but in all of our communities, all food banks. Until that time, it is great to have volunteers and the great people who run these facilities. However, it would be much better to not need these facilities at all. I know everyone in the House agrees with that sentiment.

That is why the Canada child benefit is so important. It helps people who need it most. I can think of nothing more Canadian than that, and that is one facet of the budget that I am very proud of. We see it every day. However, the budget is just the first step in our plan. Of course, there is much more work to be done.

The other facet I am very eager about is the investment in infrastructure. The municipalities in my riding are growing very quickly, and they cannot keep up with the population surge. There is a gap in infrastructure needs, not only highways and sewers and waste water, but even things such as broadband. We have many small and medium enterprises, but even though we are half an hour or 45 minutes north of Toronto, we have issues with connectivity. That needs to be addressed, in all regions of the country. If we want to be part of the technological economy of the future, we have to make sure we invest now. There is also the infrastructure such as highways, transportation, sewage, and waste water, or any of these great infrastructure investments. Budget 2016 realizes that. There is much work to be done.

In the few minutes I have left, I want to discuss why this is a good time to invest. As I mentioned earlier, interest rates are at an all-time low. This is the time to borrow money, but it is not a time to spe...”

François-Philippe Champagne (Liberal)

October 27th
Hansard Link

Oral Questions

“... and what my colleagues opposite do not, is that the time to invest in the Canadian economy is when interest rates are low. That is exactly what we are doing.

We started by investing in the midd...”

Brian Masse (NDP)

October 26th
Hansard Link

Government Orders

“... people struggle when they go to the banks to get loans, and if they can get them, they are at high interest rates. Or public institutions like the BDC, or credit unions, have stepped in on riskier lo...”

Marilyn Gladu (Conservative)

October 25th
Hansard Link

Government Orders

“...The problem is that the basic economic rule of the time value of money tells us that at the current interest rate costs double every 20 years. In 40 years, costs would have quadrupled and yet this ben...”

Francesco Sorbara (Liberal)

October 24th
Hansard Link

Government Orders

“...n the beneficiary's pension plan assets, and a subsequent shortfall in pension savings. Also, a low interest rate environment, which influences the present value of liabilities and has placed cash flo...”

Gary Anandasangaree (Liberal)

October 24th
Hansard Link

Government Orders

“... fact, have still not recovered from that loss.

Third, there is the issue of historically low interest rates. Today, we have many retirees who saved up, were diligent, and are now facing a decade of historically low interest rates. I searched the popular portals for the best possible advertized interest rates today. The current maximum payout is 2% per annum. They are the lucky ones. For a family that worked hard and was able to save $500,000 and placed it into a bond or a GIC, the maximum payout is $10,000 per year. The chances are that historical low interest rates will be around for a while, so those with modest or even good savings will not be abl...”

Terry Duguid (Liberal)

October 24th
Hansard Link

Government Orders

“...as designed, most notably, the decline of workplace pension plans, as I have already mentioned, low interest rates on savings plans, and the changing nature of work. The latter refers to increasingly ...”

Bill Morneau (Liberal)

October 21st
Hansard Link

Government Orders

“... work in jobs with retirement benefits that are paid for by their employers, and if the current low interest rate environment persists, their savings may also grow more slowly than previous generation...”

Luc Berthold (Conservative)

October 21st
Hansard Link

Government Orders

“...ge that I am deeply concerned about the future of my children and all young Canadians. We know that interest rates will go up one day, and that is when the debt will have to be paid off. The bill left...”

François-Philippe Champagne (Liberal)

October 20th
Hansard Link

Oral Questions

“Mr. Speaker, I am sure the member understands that when interest rates are low, that is the time to invest. That is exactly what we have done. We have inves...”

Pat Kelly (Conservative)

October 17th
Hansard Link

Statements by Members

“...timates the deficit is going be another $5 billion more than budgeted. The minister thinks that low interest rates are dangerous for Canadian consumers, but a perfect justification for an out-of-contr...”

John McCallum (Liberal)

September 30th
Hansard Link

Oral Questions

“...part in Quebec and the hon. member for Bourassa. We offered a simplified process and a loan with an interest rate of less than 1%. The hon. member for Bourassa spoke in Creole at a church and on the r...”


The Senate

Hon. Pierrette Ringuette

March 9th
Hansard Link

Criminal Code Bill to Amend—First Reading

“introduced Bill S-237, An Act to amend the Criminal Code (criminal interest rate).

(Bill read first time.)”

Hon. Wanda Thomas Bernard

March 8th
Hansard Link

International Women's Day Wednesday, March 8, 2017

“... colour, to see her face integrate
Canadian currency. Partisan
Of Justice, ponder her interest rate
From two cents to ten dollars, an increase of 50,000%.
Also Note, her Royal...”

Hon. Howard Wetston

February 8th
Hansard Link

Speech from the Throne Motion for Address in Reply—Debate Continued

“...l regulation. That being said, however, we were not immune. Low growth, higher unemployment and low interest rates have had a profound impact on the real economy.

The financial crisis revealed t...”

Hon. Tony Dean

December 12th
Hansard Link

Canada Pension Plan Canada Pension Plan Investment Board Act Income Tax Act Bill to Amend—Third Reading—Debate Adjourned

“... to work in jobs where retirement benefits are offered by their employers. And if the current low interest rate environment persists, their savings might also grow more slowly than previous generat...”

Hon. Pierrette Ringuette,

December 12th
Hansard Link

Banking, Trade and Commerce Motion to Authorize the Committee to Study the Operations of the Financial Consumer Agency of Canada, the Ombudsman for Banking Services and Investments and the Chambers Banking Ombuds Office—Debate Adjourned

“... Banking, Trade and Commerce and in the context of various bills, including one to reduce usurious interest rates, which are now capped at 60 per cent in the Criminal Code. Seven times, I have intro...”

Senator Dean

December 2nd
Hansard Link

Canada Pension Plan Canada Pension Plan Investment Board Act Income Tax Act Bill to Amend—Second Reading—Debate Adjourned

“... the future needs of Canadians in a world of challenges, declining workplace pension coverage, low interest rates and market volatility. Their solution is effective because it focuses available reso...”

Hon. Claude Carignan (Leader of the Opposition)

October 19th
Hansard Link

Families, Children and Social Development Support for First Home Buyers

“...wn payment of less than 20 per cent.

A new stress test has been established under which the interest rate must be 4.64 per cent. This morning, we learned that this stress test will also be a...”


Was This Useful? Try Our Real-Time Alerts Product: Free Trial

About FederalMonitor.ca

FederalMonitor is a government monitoring software company. Our real-time alert technology has been used in Ontario since 2011 and in Europe since 2014.

Our Office

19 Yorkville Ave, 3rd Floor
Toronto, Canada
M4W 1L1
+1 647-466-7748

Free Trial

The best way to evaluate FederalMonitor.ca is to try it out. There's no obligation to buy and no payment information required to get started.

Created by Addison Cameron-Huff, technology lawyer.